Industry news

July 19, 2013: CME Agrees to Clear Credit-Swap Futures Being Designed by TrueEX; Finra Scrutinizes High-Speed Trading Firms; Nasdaq forum website hacked, passwords compromised

CME Group will provide clearing services for TrueEX’s new credit-default swaps. FINRA sends information requests to high-speed trading firms regarding their ability to mitigate market disruptions from their trading activity. Hackers break into secret rooms in NASDAQ’s online forum and gain access to password data. Those passwords… they WERE encrypted, right?

First Read

John’s Update
Yesterday’s summer Intern Education Series event was FANTASTIC!! Even if I say so myself. Our speakers were terrific and the event was right on time. I can’t tell how pleased I was with the result. I look forward to publishing the video of the event.

We have a couple of changes in the lineup for the series. Terry Duffy’s schedule continues to be a challenge and we have tentatively moved his presentation to 7/30. In his place on 7/23 we have added Dr. Michael Gorham of the Stuart School of Business at the Illinois Institute of Technology, or IIT. Dr. Gorham will give the interns his perspective from having served 2 years as the head of the CFTC’s Division of Market Oversight.

We have been able to secure the CME Auditorium for the 7/23 and 7/25 events, which opens up more room for additional interns and requests are still coming into my email box. The 7/30 event will be held at the CBOT visitors center and we have a hard limit there and are sold out. If we can come up with a bigger venue for 7/30, we may be able to open the event to additional interns.

My son Tim Lothian, who is interning for us this summer, left the event early so he could get his final Eagle required merit badge signed off on by a merit badge counselor. He just needs to submit his Eagle application to the Boy Scout Council, have that accepted and successfully complete a board of review to be awarded the rank of Eagle in Boy Scouts. And this is with a week to spare before he turns 18. Stay tuned.

My other son Robby is this week experiencing his own lessons in trading, taking part in the largest over the counter market in the United States occurring this week. Where is he? He is at the Boy Scout National Jamboree in West Virginia and he and his 40,000 fellow scouts are all participating in “patch trading.” The scouts set up various locations and show the patches they are willing to sell. Mostly it concentrates on shoulder patches which have been specifically designed for the Jamboree. When Tim went to the Jamboree in 2010, the patch he desperately wanted was the Chicago Council patch which had a Blues Brothers theme and featured John Belushi. The Jamboree is just one huge over the counter, or over the blanket, market.

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CME’s European Home: A Conversation with CME’s Phupinder Gill, Lee Betsill and William Knottenbelt
CME Group planted its first foot in Europe with the launch of CME Clearing Europe in March and the second is about to land on September 9th with the opening of its exchange, CME Europe. With regulatory approval, CME is set to begin with a set of 30 currency futures contracts, followed by other commodities and asset classes. JLN editor-in-chief Jim Kharouf sat down with CME’s top executives at the IDX Conference in London last month to talk about where CME Group is and where it is going in Europe and Asia. Here is the conversation with Phupinder Gill, Chief Executive Officer of CME Group, Lee Betsill, chief operating officer and managing director for CME Clearing Europe and William Knottenbelt, managing director of its Europe, Middle East and Africa (EMEA) regions.
jlne.ws/13FjJDe

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CFTC in Disarray After Gensler’s Crusade on Swaps Rules
BusinessWeek
The chairman’s aggressive style alienated just about everyone, including allies and fellow commissioners
jlne.ws/113VSjT

***** This was like kinda from day one of his tenure.

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LCH.Clearnet to Clear Credit Default Swaps for European Clients
Press Release
LCH.Clearnet SA, the multi-national central counterparty’s Paris-based European CCP, has received regulatory approval to clear credit default swaps for European clients, through CDSClear, LCH.Clearnet’s credit default swap clearing business. This is the first time European clients will be able to clear CDS indices and, subject to regulatory approval, LCH.Clearnet expects soon to be able to offer single name CDS, both of which will bring greater efficiency to the marketplace.
jlne.ws/113VSjU

***** Does Mr. Gensler approve?

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Risk Management: Flex Futures Volume (and Viability) Grows
International Treasurer
Although trades remain spotty, the Eris Exchange’s Flex interest-rate swap futures appear to be gaining volume as clearing deadlines pass, indicating the products may become a more viable alternative for corporate end-users facing increasing costs for over-the-counter swaps. As of July 16, the 5,700 Flex contracts traded for the month comfortably exceeded the 4,550 contracts throughout June. Although still a relatively small number, Eris only effectively began trading the new futures contracts in April.
jlne.ws/113VVfu

***** Eris Exchange CEO Neal Brady was great yesterday at our summer Intern Education Series event.

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Goldman’s REDI Spin-Off Signals EMS Market Shift
Ivy Schmerken – Wall Street and Tech
The spin off of Goldman Sachs Group‘s REDIPlus Execution Management System (EMS) to a separate company, called REDI Holdings, Inc., signifies a shift in the economic realities of the brokerage marketplace. As a result, even the largest firms are retreating from developing, maintaining and operating their own multi-asset EMSs.
jlne.ws/113VVfw

***** Back and forth the cycle goes.

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London Stock Exchange: well rounded
Lex – FT.com
Investing in a stock exchange is just a geared play on markets, right? That has certainly been the case for London Stock Exchange of late. First quarter numbers released on Thursday show why. LSE has done very nicely out of investors’ renewed enthusiasm for initial public offerings, while there was also a decent jump in income from secondary market trading. But that is not the whole story.
jlne.ws/113VSk0

***** A well rounded exchange is better than an obtuse one.

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NGFA Opposes Elements of CFTC Proposed Rule That Would Increase Customer Risk
GrainNet
The National Grain and Feed Association (NGFA) told Congress July 17 that there may be a need to address, as part of the legislative process reauthorizing the Commodity Futures Trading Commission (CFTC), a proposed rule issued by the agency that would radically alter the way business is done in the futures industry.
jlne.ws/1avkZPr

***DA: For a background on the residual interest issue, see our John Lothian Special Report from a while back.

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Survey Says Global CFOs Uncertain But Optimistic
Becca Lipman – Wall Street and Tech
Accenture’s latest survey gathered perspective on senior financial executives’ broader economic views, and how those views are influencing decision-making within financial organizations. Encouragingly, the survey found institutions largely want to invest in better talent, and are eager to make the talent they have more productive.
jlne.ws/113VVfz

***** Survey says……

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Paulson Institute Names New Executive Director
The Paulson Institute today announced that Cynthia Zeltwanger has joined the Institute as executive director. In this role, Zeltwanger will manage daily operations and workflows of the Institute’s staff in the U.S. and China. In concert with Chairman, Henry M. Paulson, Jr. she also will oversee the implementation of programs and policies that support the Institute’s mission.
jlne.ws/113VSk6

***** Congratulations to the Paulson Institute on a terrific hire.

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Investors Sow Seeds for Hedge Funds
JULIET CHUNG – WSJ.com
Big investors are clamoring to get into hedge funds—as owners, not clients. In the return of a practice that was popular before the financial crisis, investment groups are raising billions of dollars to buy minority stakes in hedge-fund firms.
jlne.ws/113VSAk

***** The cycle goes back and forth. First banks, now investors.

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Insight: Aussie bank surfs U.S. energy wave as Wall St. rivals struggle
By Cezary Podkul – Reuters
An Australian bank is quietly beating Wall Street’s powerhouses in a game they have long dominated: trading in the staples of the world economy.
jlne.ws/113VVfG

***** Macquarie on the move.

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Sweaty Wall Streeters Skip Booze for Spin-Class Meetings
Zeke Faux – Bloomberg
Wall Street’s salesmen and dealmakers, whose expense accounts help fill downtown chophouses and box seats at ballparks, are now treating clients to a different kind of entertainment: high-end workouts.
jlne.ws/113VSAl

***JK: Then start riding your real bike to work and you are on to something.

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MarketsWiki.tv

Collateral Update from Ted Leveroni of Omgeo
MarketsWiki.tv

Ted Leveroni is the Executive Director of Derivatives Strategy and External Relations for Omgeo, a financial services company specializing in post-trade operations such as trade allocation, confirmation and settlement for investment managers, broker/dealers and custodians. In a follow-up to a May 2012 interview in which we discussed innovation in collateral efficiency, John Lothian News Editor-at-Large Doug Ashburn asked Leveroni about collateral shortages, futurization, and post-trade efficiency. He also discussed the results from a recent survey conducted by Omgeo and Celent on maximizing collateral advantage.

Watch the video »

MarketsWiki

MarketsWiki Page of the Day
Ted Leveroni
jlne.ws/18mZoYU

MarketsWiki Recent Updates

People

Ian Axe; Daniel P. Collins; George Hanley; John P. Kelley; Ted Leveroni; Terrence A. Duffy; Richard Cordray; Mike Persico; Gerard J. Pannekoek

Companies, Organizations and Groups

MarketAxess Holdings Inc.; Broadway Technology, LLC; Omgeo

Miscellaneous

CME’s European Home: A Conversation with CME’s Phupinder Gill, Lee Betsill and William Knottenbelt

Statistics

41,886,406 pages viewed, 7,589 articles, 162,172 edits
MarketsWiki Statistics

Lead Stories

CME Agrees to Clear Credit-Swap Futures Being Designed by TrueEX
Matthew Leising – Bloomberg
CME Group Inc., owner of the world’s largest derivatives market, will provide clearing services for new credit-default swap futures being developed by trueEX Group LLC and Standard & Poor’s.
jlne.ws/17ouEW8

Finra Scrutinizes High-Speed Trading Firms
NATHANIEL POPPER – NYTimes.com
Regulators are taking a closer look at whether high-frequency trading firms might represent a threat to the stability of financial markets. The Financial Industry Regulatory Authority, an industry-financed regulator, sent letters to 10 high-speed trading firms this week, asking them for more information about their trading programs and the steps they have in place to avert “market disruptions.”
jlne.ws/113VVfJ

Nasdaq forum website hacked, passwords compromised
John McCrank – Reuters
Cyber-criminals targeted Nasdaq OMX Group’s community forum website and gained access to the email usernames and passwords of the members of the site, which took two days to come back online on Thursday evening.
jlne.ws/113VSAm

Investors pour huge sums into US equity funds
Michael Stothard – FT.com
Investors have poured more money into US equity funds this week than at any time since the 2008 financial crisis, with the value of the benchmark S&P 500 index soaring to a record $15tn.
jlne.ws/113VVw0

Spectre of higher regulatory fees looms once more
Joe McGrath – Financial News
Financial firms will have to shoulder Treasury costs for international regulatory meetings and cross-border policymaking, under proposals put to consultation yesterday.
jlne.ws/113VSAn

Nine big insurers face tighter regulation
Brooke Masters in London – FT.com
Nine global insurance companies face tighter regulation and potentially higher capital requirements because regulators have determined that they are critical to the functioning of the global financial system.
jlne.ws/113VVw1

Bernanke Says Too-Big-to-Fail Banks May Face New Capital Demands
Bloomberg
Federal Reserve Chairman Ben S. Bernanke said banks could face further demands for capital if the latest efforts still leave the financial system vulnerable to a failure by one of the biggest firms.
jlne.ws/113VSAs

Former brokers in UK court on Libor fraud charges
Reuters
Two former brokers appeared in a London court on Friday accused of conspiracy to defraud in connection with a global investigation into the Libor interest rate rigging scandal, as prosecutors broaden their inquiry beyond big banks.
jlne.ws/113VSAu

Hong Kong Adds to Charges Against Two in HKMEx Probe
Bloomberg
Hong Kong prosecutors told a court that two men arrested as part of an investigation into the failed Hong Kong Mercantile Exchange had more false documents than they were first charged with possessing.
jlne.ws/113VVw3

Guy Walks Into Citigroup Branch, Loses $40,000
Jonathan Weil – Bloomberg
Looking at the way that U.S. Senators Elizabeth Warren and John McCain are pitching their proposal for a 21st-century version of the Glass-Steagall Act, I can’t help but wonder if they’re making a mistake.
jlne.ws/12Bb6KW

Thomson Reuters Survey Highlights Changing Nature of Internal Audit
Internal audit practitioners globally are bearing the brunt of a quickly changing regulatory landscape, particularly in financial services, according to a new survey by Thomson Reuters. As organisations continue to play catch-up with a shifting regulatory environment the focus of internal audit practitioners’ roles is changing dramatically, and resources being stretched, as the function is asked to take increasing responsibility for company-wide corporate governance and reporting to the Board.
jlne.ws/1dJDTC2

Detroit: How the Motor City went bust
USA Today
Detroit, the once-thriving Midwest metropolis that gave birth to the nation’s auto industry, is now the largest city in U.S. history to file for bankruptcy.
jlne.ws/113VSAz

Regulatory

Hedge fund managers hesitate over forthcoming AIFMD regulations
Automated Trader
Preqin survey concludes that 40% of hedge fund managers are waiting for the finalization of regulations before taking action. Only 22% are already compliant with the US less prepared than EU.
jlne.ws/113VSAA

SIFMA Statement On Quantum Dawn 2 Cybersecurity Exercise
SIFMA today released the following statement from Karl Schimmeck, vice president, financial services operations, upon completion of the Quantum Dawn 2 cybersecurity exercise. A fact sheet with more information on Quantum Dawn 2 is available here (pdf).
jlne.ws/113VSAB

Financial Stability Board Identifies An Initial List Of Global Systemically Important Insurers (G-SIIs)
At the November 2011 Cannes Summit, the G20 Leaders endorsed the implementation of an integrated set of policy measures to address the risks to the global financial system from systemically important financial institutions (G-SIFIs). These policy measures are to apply to G-SIFIs identified by the Financial Stability Board (FSB) in collaboration with the standard-setters and national authorities.
jlne.ws/113VVw6

ESMA And ACER Strengthen Their Cooperation
The Agency for the Cooperation of Energy Regulators (ACER) and the European Securities and Markets Authority (ESMA) have put in place an agreement for their cooperation and exchange of information.
jlne.ws/113VSAC

ASIC And European Union Authorities Cooperate On Alternative Investment Funds
ASIC has entered into 29 supervisory cooperation arrangements with European Union (EU) securities regulators, agreeing to help each other supervise fund managers operating across borders.
jlne.ws/113VVw7

Canadian Securities Administrators publish guidance on relationship disclosure practices
jlne.ws/113VSQR

Canadian Securities Regulators announce results of Continuous Disclosure Reviews for Fiscal 2013
jlne.ws/113VVw8

Exchanges & Trading Facilities

Warsaw Stock Exchange: Wieslaw Rozlucki Elected Chairman Of The Exchange Supervisory Board
The Warsaw Stock Exchange informs that the Exchange Supervisory Board has decided on 17 July 2013 to elect the former President of the WSE as the Chairman of the Exchange Supervisory Board. Wieslaw Rozlucki has been proposed as a candidate by the outgoing Chairman, Professor Leszek Pawlowicz.
jlne.ws/113VVwc

TOM Changes Dutch Options Tickers After Court Ruling
Bloomberg
The Order Machine, a Dutch alternative trading system, changed the ticker symbols for options based on Amsterdam’s AEX Index after a court ruled it infringed NYSE Euronext ’s trademark rights.
jlne.ws/195xi7i

CME Group and trueEX Work Together to Deliver Credit Spread Futures New Indexes from S&P Dow Jones Indices
Press Release
jlne.ws/113VVwd

London Stock Exchange Group – Interim Management Statement For The Period To 17 July 2013, Including Revenues And KPIs For The Three Months Ended 30 June 2013
jlne.ws/1dGN1Hu

Program Trading Averaged 26.4 Percent Of NYSE Volume During July 8-12
jlne.ws/113VSQY

TSX Markets Top 20 Largest Consolidated Short Position Report – July 15, 2013
jlne.ws/113VSQZ

SIX Exchange Regulation: Sanction Commission Fines Publigroupe Ltd For Deficient Disclosures In Its Interim Financial Statements
jlne.ws/113VVwf

Hedge Funds & Managed Futures

Investment product demand buoys BlackRock
Dan McCrum in New York – FT.com
BlackRock, the world’s largest money manager, reported second-quarter profits a third higher than the year before as investor demand and rising markets translated into record fee income of $2.2bn.
jlne.ws/113VVwg

JC Flowers to buy loans from state-owned Northern Rock
Sharlene Goff and Anne-Sylvaine Chassany – FT.com
US private equity investor JC Flowers is poised to buy £450m of loans from Northern Rock as the government accelerates the process of shrinking the failed lender’s book.
jlne.ws/113VSR0

Former Goldman Partner Darivoff Named Chairman of DFG
NY Times
Philip M. Darivoff, a recently retired Goldman Sachs partner, has been appointed chairman of DFG Investment Advisers, an asset management firm in New York.
jlne.ws/113VVMw

Further Dutch pensions cuts on the table
Mark Cobley – Financial News
The Netherlands’ five biggest pension funds – which account for more than half of its E900 billion system – took hits to their funding levels in the second quarter as markets sold off, threatening millions with a further round of cuts to pensions in 2014.
jlne.ws/113VSR2

Blackstone Group swings to 2nd-quarter profit as performance fees surge
Dow Jones LBO Wire
Blackstone Group swung to a second-quarter profit as the alternative-asset manager reported a surge in performance fees, while management and advisory fees also logged strong gains.
jlne.ws/113VSR6

Aberdeen rejects Goldman Sachs criticisms
Chris Newlands – FT.com
The chief executive of Aberdeen Asset Management has rejected claims by Goldman Sachs that the UK fund house is too reliant on its emerging market funds, saying the assertions are “over-simplistic”.
jlne.ws/113VVMz

Gold Bulls Dominate for Longest Run in Bear Market: Commodities
Bloomberg
Gold traders are bullish for a fourth week, the longest run since the bear market began in April, as Federal Reserve Chairman Ben S. Bernanke said he’ll maintain stimulus if growth misses expectations.
jlne.ws/113VSR8

Banks & Brokers

European Banks at Disadvantage to U.S. Peers on Pay, Mercer Says
Bloomberg
Europe’s “onerous” caps on banker bonuses are putting the region’s firms at a disadvantage to their peers in the U.S. and emerging markets when hiring outside their home market, according to a survey by Mercer LLC.
jlne.ws/113VSR9

Buyside profits beat banking at Morgan Stanley
Mike Foster – Financial News
Morgan Stanley’s buyside businesses generated an underlying year-on-year pre-tax profits leap of 80% to $815 million in the second quarter of this year, beating the investment banking division profits of $785 million
jlne.ws/113VT7o

Abu Dhabi quietly cashes out of Barclays
Sharlene Goff and Daniel Schäfer – FT.com
The exit of Abu Dhabi investors from Barclays has happened with far less fanfare than their dramatic arrival almost five years ago.
jlne.ws/113VVMF

Allianz Joins AIG on FSB’s List of Too-Big-to-Fail Insurers
Bloomberg
American International Group Inc. and Allianz SE are among insurers deemed systemically important by global financial rulemakers, meaning they may face tougher capital standards and tighter regulation.
jlne.ws/113VT7s

Citigroup Said to Plan Benchmark Offering of Three-Year Notes
Bloomberg
Citigroup Inc. , the bank that took the most U.S. aid during the credit crisis, is planning to sell three-year, dollar-denominated notes in a benchmark issue.
jlne.ws/113VVMJ

UBS Leading Southeast Asia Stock Sales With Billionaire Deals
Bloomberg
UBS AG jumped to the lead among share-sale underwriters in Southeast Asia for the first time in six years, capitalizing on its relationships with wealthy families and a surge in equity offerings in countries including the Philippines.
jlne.ws/113VVMK

Clearing & Settlement

Accenture and Broadridge launch post trade solution for EU & APAC banks
Automated Trader
Accenture and Broadridge Financial Solutions have launched Accenture Post-Trade Processing, a solution to help banks operating in Europe and Asia-Pacific reduce post-trade processing costs, adapt to new regulations and technology, and launch new products and enter new markets.
jlne.ws/113VVML

CMEGroup – NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (CH, RX, W) Effective Friday, July 19, 2013
jlne.ws/113VVMO

Indexes & Products

China’s First Gold Exchange-Traded Funds Miss Funding Targets
Bloomberg
China’s first two exchange-traded funds backed by bullion raised less money than planned amid a rout in gold prices.
jlne.ws/113VT7v

The Value of Trust: Q2 Financial Services TRust Index
By Becca Lipman – Wall Street and Tech
Can financial services use measured trust in the global financial marketplace to improve insight and progress? Thomson Reuters thinks so.
jlne.ws/113VW32

S&P GSCI Dynamic Roll Capped Component 35/20 Launched By S&P Dow Jones Indices
S&P Dow Jones Indices announced today the launch of the S&P GSCI Dynamic Roll Capped Component 35/20 reflecting the total return available through an unleveraged investment in the specific commodities of the S&P GSCI Dynamic Roll while employing the S&P Capped Component 35/20 methodology.
jlne.ws/113VT7y

Direxion Indexed Managed Futures Strategy Fund Surpasses $100 Million In Assets Under Management
jlne.ws/113VW35

Thomson Reuters Signs Exclusive Agreement To Distribute IPSOS Global Primary Consumer Sentiment Index
jlne.ws/113VT7z

Charter Communications, Inc. To Join The NASDAQ-100 Index Beginning July 25, 2013
jlne.ws/113VW37

Technology

Almont Capital deploys Deltix’s automated FX trading solution
Automated Trader
Almont Capital has started production trading on Deltix’s automated FX trading solution QuantServer, deployed in the Equinix NY4 data centre.
jlne.ws/113VT7A

Scila In Strategic Relationship With FIMAS
Scila AB is pleased to announce a strategic relationship with FIMAS GmbH, as an implementation partner for Scila Compliance in the German marketplace.
jlne.ws/113VW38

Push Technology and Azul Systems announce partnership July 18th, 2013 – Collaboration improves performance and reduces latency outliers by 8x for real-time data distribution.
Automated Trader
jlne.ws/113VW39

Enforcement

S.E.C. Tries to Use Trader’s Goldman Colleague to Bolster Case
BEN PROTESS and SUSANNE CRAIG – NYTimes.com
Jonathan Egol and Fabrice Tourre were close colleagues on Wall Street, a team of traders who worked side by side on a Goldman Sachs mortgage desk in the lead-up to the financial crisis. On Thursday, that relationship came under the spotlight as Mr. Egol took the witness stand in the civil trial of Mr. Tourre, a 34-year-old Frenchman accused of misleading investors about a mortgage security that ultimately failed.
jlne.ws/113VT7C

Victims of Bayou Hedge Funds Receive Another $31 Million in Forfeited Assets, Including Millions Repatriated from Singapore and the United Kingdom
Preet Bharara, the United States Attorney for the Southern District of New York, announced that today the Clerk of the Court distributed $31,788,917.44 in proceeds from forfeited assets to victims of the fraud committed at the Bayou hedge funds.
jlne.ws/113VT7D

Former Supervisor Pleads Guilty to Stealing Confidential Computer Files from the Federal Reserve Bank of Chicago
A former supervisor at the Federal Reserve Bank of Chicago pleaded guilty today to a federal misdemeanor for stealing computer files containing confidential information relating to the bank’s responsibility to assess and monitor its credit risk exposure. The defendant, Brian McCarthy, admitted attempting to download on to his personal thumb drive approximately 300 computer files and actually downloading 71 computer files belonging to the Chicago Federal Reserve Bank.
jlne.ws/113VW3c

UK’s Financial Conduct Authority Bans And Fines Former Insurance Broker £140,000
The Financial Conduct Authority (FCA) has fined and banned Paul Cable of Bromley, Kent £140,000 for failing to act with integrity.
jlne.ws/113VT7F

Euroz Securities Limited pays $35,000 infringement notice penalty
jlne.ws/113VTnT

ASIC extends freezing orders in Wickham Securities Ltd collapse
jlne.ws/113VW3g

BCSC issues warning about Hines Aircraft Company
jlne.ws/113VTnU

Environmental & Energy

Northeast cuts power plant polluting allowances
AP
Less carbon dioxide is polluting the air in the Northeast, prompting state environmental officials to cut allowances for emissions in one of only two cap-and-trade programs in the United States.
jlne.ws/15NbPe3

INTERVIEW-China asks EU for aid in curbing pollution – EU environment chief
Reuters
China has asked the European Union to help it tackle some of its most severe pollution problems, the EU’s environment commissioner said on Thursday, underscoring Beijing’s concerns about addressing a key source of social discontent.
jlne.ws/1awCE9C

FERC Increases Scrutiny of Electricity Market
The Wall Street Journal
A federal regulator established in 1920 to oversee hydropower projects is sending shock waves through Wall Street.
jlne.ws/17pEeYV

Asia-Pacific

Blackstone, MBK eye Singapore IPOs for Taiwan, India assets-sources
Reuters
Blackstone Group and MBK Partners plan Singapore initial public offerings for assets the private equity companies separately own in Taiwan and India, sources said.
jlne.ws/113VTnW

Tokyo Stock Exchange: Notice On Suspension Of The Setting Of New Contract Months fFr TOPIX Electric Appliances Index Futures
jlne.ws/113VTnX

Phillip Securities Japan Acquires Membership Of okyo Commodity Exchange Agricultural Product & Sugar Market
The Tokyo Commodity Exchange announced today that Phillip Securities Japan, Ltd. acquired Broker Membership of TOCOM’s Agricultural Product & Sugar Market as of July 18.
jlne.ws/12OiwxT

SGX Welcomes KrisEnergy To Mainboard
jlne.ws/113VTnY

Frontier Markets

FDI easing: Decision fails to excite commodity bourses
Hindu Business Line
The Government move to allow 49 per cent foreign direct investment in commodity exchanges through the automatic route may have little impact on the exchanges.
jlne.ws/113VTnZ

How the mighty have fallen: EM edition
FT Alphaville
Today, the combined market capitalization of Wells Fargo and JP Morgan ($440bn) exceeds that of every Energy and Materials company in Brazil, Russia, India and China ($420bn). Less than three years ago, those two banks were valued at less than half the market cap of the BRIC commodity sectors, indicating how quickly market leadership has rotated away from China to the US real estate story.
jlne.ws/113VTo1

Bursa Malaysia Announces The Best Financial Results For The Quarter And First Half Since 2007
Posts 19% Jump In Its PATAMI 1H13 And Distributes A Combined Total Of 36 Sen Interim And Special Dividend Distribution
jlne.ws/113VTo4

Thomas Murray Limited Upgrades The Counterparty Risk (CR) Rating For The Palestine Exchange (PEX) From “A-” To “A”
jlne.ws/113VTo5